How long could Latin America remain in Spanish hands without a French invasion of Spain?
Wouldn't making all christian equal meet the criollos demands? That means they would essentially be able to gain power in the colonies like they wanted, and while it also means indigenous and mestizos also get the privileges. That is only in law not in practice very likely something like this would result in most criollos - loyal to the king of Spain - remain loyal, hoping they could in practice gain power without letting the indigenous and mestizo population gain their equality de facto.Two other scenarios, one more related to this one than the other.
1: No Peninsular War. Instead an enlightened Spanish king declares all Christians legally equal. Instant criollo rebellion? And what happens afterward?
2: The Latin American colonies still revolt, and because of the OTL Peninsular War. However, the King of Spain, in desperation in the late 1810s, decides to declare all Christians equal and try and get the support of non-criollos against the revolutionaries.